The Mortgage Free in Three - Take 2 challenge (MFiT-T2)

Kaz2904

I had to go to the tip today and while I was loading the car someone stopped to admire my verbena in my garden. Verbena is a bit weed like and has self seeded in my back garden so I went and dug it up to give to her. She gave me £2 for a weed I hadn't bothered removing yet! Guess where it's going? Another OP- yay!

So how much should I pay each month on my mortgage? We bought our house in 2005 for £140000 with a £90k mortgage and a £14k loan from my Mum. It was an 18 year term with a minimum monthly payment of £649.75. We came to the end of our 5 year fix at the end of May and dropped a whopping 0.3% from 5.29% to 4.99%. They sent us a letter stating that our new repayment would be £330ish. I must admit, I didn't pay a blind bit of notice to how much it was because I pay by standing order. I pay £1363.75 towards debt repayment each month. I'll be finished by 2013.


Financial Bliss, is your youngest off to school in September or is she next year?

shaz_mum_of__2

Thans guys will update asap then !

loopy-juice

Base rate stays at 0.5% 8-1 in favour. Wonder who the 1 was.....

THRIFTY_GIRL

loopy-juice wrote: »

Base rate stays at 0.5% 8-1 in favour. Wonder who the 1 was.....

Can't rem the name off hand but the same one who has been trying to spoil the party for the last three months:p (not Mr King)

I'm hopeful that the party will continue for a little while yet:D

gallygirl

THRIFTY_GIRL wrote: »

Can't rem the name off hand but the same one who has been trying to spoil the party for the last three months:p (not Mr King)

I'm hopeful that the party will continue for a little while yet:D

that's very selfish thriftygirl, what about all the poor savers


..... em me too on the party front _party_ :rotfl:

financialbliss

Kaz2904 wrote: »

I must admit, I didn't pay a blind bit of notice to how much it was because I pay by standing order. I pay £1363.75 towards debt repayment each month. I'll be finished by 2013.

Liked that - I've my own agenda too, which isn't on the same page as mortgage provider - pay the damn thing off ASAP, with the least interest.

Kaz2904 wrote: »

Financial Bliss, is your youngest off to school in September or is she next year?

She starts on Tuesday 7th September. It's possibly going to be "interesting". Already decided she doesn't want to go anymore :eek:

loopy-juice wrote: »

Base rate stays at 0.5% 8-1 in favour. Wonder who the 1 was.....

LJ, BoE announcements normally on the first Thursday of the month at midday. BUT, the August minutes were published today. 8-1 in favour of a 0.5% hold.

Andrew Sentance has now voted 3 months in a row for a rate increase. More details here:
http://www.bbc.co.uk/news/business-11009844

FB.

THRIFTY_GIRL

gallygirl wrote: »

that's very selfish thriftygirl, what about all the poor savers

Whoops, apologies if I offended anyone:o

But this part of the forum is about paying off the mortgage so the lower the better...right?:cool:

No matter what the scenario is, either the savers or the borrowers will feel worse off. In the past the borrowers have been worse off whilst the savers have enjoyed decent savings rates. Now it's the other way round (well, to some extent anyway)...please let us enjoy the benefits for a little while longer.:T

I do hope that the Banks will increase transparency over interest rates though. This secretive dropping of rates to pathetic amounts is a little harsh. In the meantime, I suggest we all keep tabs on our own rates.;)

wynnvegas

THRIFTY_GIRL wrote: »

Can't rem the name off hand but the same one who has been trying to spoil the party for the last three months:p (not Mr King)

I'm hopeful that the party will continue for a little while yet:D

I'm with you completely thrifty girl. The collapse in mortgage rates has saved me somewhere in the region of £3,000 already in interest. However, watch me turncoat into a rate hike advocate in around 75 days!

Cheers,

Billy (#85)

Kaz2904

Thriftygirl, don't worry! I read it as a tongue in cheek comment as gallygirl said she wanted to continue to party on

FB, poor DD and poor you guys! I suspect she'll be fine though. She has got her big brother in year 2 to look out for her after all. I was concerned how DS was going to cope if you remember from the old thread (our boys started at the same time) but he was fine with DD in year 2 to look out for him.
My little darling DS has just been kitted out for September with his new trousers. £4.50 in M&S but oh no! He can't have them. He's so blinking skinny that he needs the longer length in the 7yr old done up on their tightest setting. So his trousers have cost £8 per pair. The school have just changed the uniform to black or blue trousers too but I could only get 1 pair the right size so I got a grey pair too (bad rebellious Mummy!). They also have to wear white socks :eek:- also not happening sorry!
DD is off to a new school so I've put all her uniforms in his pile but he's littler than she was at his age so the jumpers are like dresses on him. The poor child would look like an 80's throwback if I sent him in with the t-shirts and jumpers he's got, blue trousers and white socks. He's either got crop tops or dresses :rotfl:. Nothing I can do about tops until school reopens unfortunately as I can't get the tops from anywhere else :mad:.

I've also been unable to pay my £2 OP as I can't find my card reader and can't pay it without the reader. Is this a plot do you think? I'll just have to alter the SO for next week to reflect the £2 extra. Pah!

gallygirl

THRIFTY_GIRL wrote: »

Whoops, apologies if I offended anyone:o

I was only kidding thriftygirl, I am hoping the low rates continue till 2015 :rotfl:

OK folks - Andrew Sentance lives in Essex. Methinks the Lewis Lane residents need to pop round to see him and either bribe him with home made strawberry wine or threaten to sing outside his window continuously till he sees the light